In his remarks in the latest issue of Eye on the Economy, NAHB Chief Economist Robert Dietz provided the following overview of the housing market:

Modera Mosaic in Fairfax, Va., was a Gold winner in the 2016 Best in American Living Awards Multifamily category.

After a strong beginning to the year, total housing starts fell 3% in April. While single-family starts were effectively flat, multifamily development dropped 9% from the previous month, marking the fifth consecutive month of declines. Single-family permits also fell 4.5% in April, though on a year-to-date basis, single-family construction is up 7%.

Home builder confidence rose to a promising level of 70 earlier this month, according to the NAHB/Wells Fargo Housing Market Index. The combination of strong builder optimism with a healthy labor market and tight existing home inventory points to continued gains in single-family construction this year.